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First Time Buyers will be squeezed with new Mortgage Rules.
June 22, 2012
If Homeownership wasn't hard enough.. Now A first-time homebuyer could need to earn as much as $500 more a month and would have to pay an extra $209 toward their mortgage each month under new mortgage rules that the federal government announced Thursday.
The changes, which apply to government-backed insured mortgages, will mostly affect first-time home buyers looking to get into the condo market. These changes mean up to five per cent of Canadians who might be considering buying a new home will likely no longer qualify.
I know homeownership does sometimes seem like it's 1 million miles away, but it is possible. Let's sit down and discuss your options to see if there is any way we can achieve your goals of being a home owner.
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